Tanco posts wider net loss in second quarter

PETALING JAYA: Tanco Holdings Bhd’s net loss for the second quarter ended Dec 31, 2017 widened to RM2.53 million from RM2.41 million a year ago mainly due to higher operating and administrative expenses incurred in the current quarter.
Its revenue however jumped over four folds to RM2.39 million compared with RM535,000 in the previous year’s corresponding quarter.
With the current economic outlook, Tanco said the overall sentiment is expected to remain challenging for FY2017/2018.
The board is cautiously optimistic that the prospects of the group will be satisfactory following the financial year ending June 30, 2018, with the development of the Splash Park project progressing well and the other resort development phases in Dickson Bay attracting keen interest both from prospective investors and operators, coupled with the group’s ongoing endeavours for more strategic tie-ups and joint-ventures with branded local and foreign labels.
For the six months period, Tanco saw a net profit of RM1.27 million from a net loss of RM4.98 million a year ago as the profit was mainly attributed to higher revenue generated from the property development and resort division.
Its revenue rose over five folds to RM13.07 million compared with RM2.36 million in the previous year’s six months.
Tanco’s share price was down half a sen to close at 11.5 sen, with some 500 shares changing hands.